Skip to main content

IDC Announces TSXV Approves the Financing of its IDC Shanghai Subsidiary and Trading is Reinstated

Tickers: XTSX:IDL
Tags: None

Calgary, Alberta / TheNewswire / August 29, 2018 - Imaging Dynamics Company Ltd. ("IDC" or the "Company") (TSXV:IDL) today is pleased to announce that the TSX Venture Exchange has approved the financing arrangement of IDC's subsidiary, IDC Shanghai. The financing was subject to shareholder approval and was satisfied by receiving written shareholder consent.

Trading for IDC will be reinstated on Wednesday, August 29th, 2018 on the TSXV.

Update on the Financing Transaction

On May 11, 2018, the Company announced the financing of its wholly-owned Subsidiary, IDC Shanghai had closed (the "Transaction") effective May 2nd, 2018. IDC Shanghai entered into a financing arrangement with Beijing Sheng Zexin Technology Development Co ("BSZ"), Beijing Xiangyuda Technology Co. ("BXT"), and Shanghai FuLi Medical Technology Limited Partnership ("FuLi") (collectively, the "Investors"). The financing arrangement will result in the following ownership structure: BSZ - 36.5%, BXT - 30.5%, FuLi - 13% and IDC 20%, pursuant to which BSZ, BXT and FuLi will subscribe for 36.5 million common shares ("Shares"), 30.5 million shares and 13 million shares, respectively, in the capital of the Subsidiary, at a price of 1 Renminbi ("RMB") per share, for gross proceeds of RMB 80 million (approximately CAD $16,091,108). To date, the Investors have paid the majority of financing and the Subsidiary received RMB 71,771,601 (approximately CAD $14,436,028). The remaining balance from FuLi Medical Technology Limited Partnership ("FuLi") of RMB 8,228,399 (approximately CAD $1,655,047.37) will be paid to IDC Shanghai before the end of December 31, 2018.

The new Board of Directors in the Shanghai subsidiary was established in May 2018. Mr. Lei Lui, CEO of IDC Shanghai, remains assigned on the board to represent IDC Canada and will continue to have involvement with the management strategies. Mr. Liu Yi and Mr. Weirong Li, have resigned from IDC Shanghai's Board of Directors and Mr. Yongxiang Chen & Mr. Wenjuan Li, are two new board members that have come from the new shareholders in the subsidiary. IDC thanks Mr. Yi and Mr. Li for their services and welcomes Mr. Chen and Mr. Li to IDC Shanghai.


About Imaging Dynamics Company (IDC):

IDC is a global medical imaging technology provider and innovative force in the high technology growth field of digital radiography (DR). Digital Radiography is a form of X-ray imaging which replaces conventional film-based diagnostic imaging and provides a cost-effective solution for medical facilities of all sizes to provide high quality diagnostic X-ray images with the use of Flat Panel detectors to enhance the digital image quality and improve the level of healthcare for their patients.

The Company has its corporate office in Calgary, Canada, a sales and marketing office in Beijing, China, and operations, research and development centres in Calgary, Canada and Shanghai, China.

Visit the IDC web site: www.imagingdynamics.com

For more information, please contact:
Ms. Rong Xue

Chief Financial Officer
1.403.769.1294 Office
1.866.975.6737 Toll Free

rxue@imagingdynamics.com

Statements in this release which describe IDC's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of IDC to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. IDC may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions. Known and unknown risks and uncertainties include: IDC's ability to manufacture its products with a sufficient level of quality and in volumes which satisfy market demand; the ability of IDC to establish direct and indirect sales channels; the ability of IDC to establish industry partnerships; IDC's ability to attract and retain key personnel; the strength and breadth of IDC's patents; and other factors relating to general economic conditions, specific industry conditions and IDC's particular situation.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Copyright (c) 2018 TheNewswire - All rights reserved.

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.